TEMPE, ARIZ. — Phoenix-based Alliance Residential has acquired a 9.3-acre land parcel located at the southeast corner of Rio Salado Parkway and Price Road in Tempe. Arizona State University sold the parcel, which was surplus land, for $11.2 million.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented the seller in the deal.

Alliance plans to develop a 276-unit apartment community called Broadstone Rio Salado on the property. Upon completion, the project will feature 12 buildings offering a total of 28 studio units, 144 one-bedroom units and 104 two-bedroom units. Community amenities will include a pool, spa, game lawns, outdoor cooking area, fire pits, dog park and fitness center.